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Sri Lanka Economic Crisis: Background

 

 

 

 

 

 

Sri Lanka renowned as the ‘Pearl of the Indian Ocean’ is facing a severe economic crisis.

Some have attributed this to bad governance or may be as a result of the current world economic instabilities where developing countries are heavily dependent upon rich developed countries for existence. There is no doubt, the need of a stronger opposition and more to be done by the legislator in governance. The power of parliament can never be underestimated. With law, a court case is underway.  Response from Bar Association of Sri Lanka (BASL) on appointment of new PM.

Similar situation is seen in Lebanon,  Pakistan, Laos, Bangladesh but luckily not India, which underwent a similar crisis in ’90s.  It is interesting to note the most agile countries.

 

 

 

The discussions I attended,

New Constitution as a mode for better solutions for the crisis

Draft 22nd Amendment to Constitution gazetted

A Common Minimum Program for Economic Recovery

National Movement for social justice spear headed by Prof. Rohan Samarajiva, former Director General of Telecommunications Regulatory Commission has proposed a set of guidelines for any leader who intends to govern Sri Lanka. Plan in Sinhala, Tamil and English

 

 

 

 

 

 

 

My contribution,

  1. Aralagala Youth & Union leaders to be accommodated in parliament and given portfolios to generate $$$ income for country.  Special consideration for youth representation under 45, Parliament/Legislator (Creators), Armed Forces (Protectors), Lawyers, Parliament to accommodate Aragala & Union People. Lawyers: Waliyadda, Manoj Gamage warning of a blood bath in December, as culturally rich country, striving to achieve a peaceful solution.
  2. Tourism to be promoted, Data laws such as Data Privacy acts to promote foreign investment and off-shoring opportunties
  3. Strengthen Committees & Media Policy, Commissions (i.e., PSC, Corruption, Judiciary, etc., )
  4. Promote Renewable Energy, Trains, Buses, Cars powered by electricity generated by Solar energy
  5. Promote local Industries, products, own food grown in their own gardens

Support references,

Reduce Fuel Queues

Things discussed in this,

  1. Govt national consensus to reduce oil use
  2. Tax for road Development
  3. Three-month, License plate (last digit) limit,Four one day off,
  4. Supply & Consumption
  5. Ride share, Car pooling
  6. Office car sharing
  7. School Bus
  8. Bus-Train App
  9. Privatize (Park & Ride, Micro Mobility)
  10. Regulations to prevent traffic and oil usage
  11. Targets for energy use in Houses, Offices reduce 40%
  12. Pilot Car Free Day Sep 22
  13. Controlling movements of Private Cars

Initiative from SLASSCOM

 

  • Supporting by sponsoring new ICT Start-ups
  • Dollar fluctuation & Backup Options
  • ISO 27000 Compliance

Discussion on Off-shoring Opportunities

Restoring Political and Economic Stability from Legal Experts

 

 

 

 

 

 

 

 

 

Things discussed in these,

Had great opportunities to participate in discussions with prominent Business & Legal professionals in SL via Zoom (Thanks to latest ICT). Both discussions included friends knew for many decades. So no doubts about trust.

I believe these are my unbiased notes as I got nothing to gain from this than helping my motherland where I got free education.
In summary, IMF loan is the saviour, which leader capable to get a better portion is the need of the hour. Interesting to see which country dictates IMF loan conditions. Which donor country saves us?

What was my take away on 8th May ’22 ,
  • Declining debt service repayments
  • Depletion of Sri Lanka Foreign Reserves over the years
  • BASL proposal main points,
  • Debt Restructuring,
  • Seek IMF Loan,
  • Stabilising Sri Lanka economy
  • If a company is defaulting in paying loans, banks do not trust director board, they should resign. (my comments, To be noted Indian Minister attended Sri Lanka-IMF talks.)
  • No Govt wants suicidal conditions laid by IMF; ideal solution would be an interim government of all parties involved, so no one needs to be Billy boy and no one party gets the blame. Ideally, political parties can get prominent professionals via their National List.
  • BASL had presented proposals to all parties concerned.
  • ARAGALA people (my comments: thanks for your good efforts), should have an understanding of these proposals and lobby these reforms until effective implementation of the proposals.
To be noted,
  • Rs 9m a day for parliament.
  • Recovery of stolen money is not viable solution. STAR program to recover stolen assets.
  • Seize unsolicited assets, then they need to show how they earned them, else it will be confiscated.
  • Rating scheme for MPs, KPIs
What was my take away on 7th May ’22 ,
  1. All parliamentarians to join hands and have an interim government. They can even donate 29 national list positions to prominent and respected professionals in the country. Pass immediate amendments to constitution and curtail powers of President which are not suitable. Then we will have a good interim PM and a government people wants.
  2. Current government to resign under article 38.2, ethically it’s ideal but depends on individuals appointed by people’s mandate. Then parliament to appoint a new government. Again those appointed can donate National list positions to create an ideal government.
  3. BASL to play a prominent role as an expert body (see attachment)
  4. Governments to get advice from proper professional bodies (all professional bodies got an ethical code of conduct) not cranky experts.
To be noted,
Many dollar revenue lost from Tourism, clothing etc. etc. Loss of education for children who cannot afford foreign education and even expensive courses in private institutes (I was one during ‘86-‘90) mainly children of genuine government servants who got no people’s money in their coffers. Bad Repercussions we will see in the future as we saw with (‘71, ‘83, ‘87, thirty year old war).

Other observations

1. Sri Lanka by the Age

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